Mobile-area home sales decrease 1% year-over-year in October

Sales: According to the Mobile Area Association of Realtors, October home sales in the area decreased 1% year-over-year from 507 to 502 closed transactions. Following seasonal trends, sales increased 3.1% from September. Sales are up 10.6% year-to-date. Two more resources to review: Quarterly Report and Annual Report.

For all Mobile-area housing data, click here.

Inventory: October listings (630) decreased 2.9% from September and increased 12.1% from one year ago. At the current sales pace, all the active inventory on the market would sell in 1.3 months, unchanged from September and up from 1.1 months in October 2020. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply.

Pricing: The median sales price in October was $209,000, an increase of 18.8% from one year ago and an increase of 4.5% from September. The differing sample size (number of residential sales of comparative months) can contribute to statistical volatility, including pricing. ACRE recommends consulting with a local real estate professional to discuss pricing, as it will vary from neighborhood to neighborhood.

Homes sold in October averaged 26 days on the market, selling 12 days faster than in October 2020.

Forecast: October sales were 51 units, or 11.3%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 451 sales for the month, while actual sales were 502 units. ACRE forecast a total of 4,848 residential sales year-to-date, while there were 5,091 actual sales through October, a difference of 5%.

New construction: The 28 new homes sold represent 5.6% of all residential sales in the area in October. Total sales increased 3.7% year-over-year. The median sales price in October was $297,900, an increase of 11.2% from one year ago and an increase of 7.2% from September.

Click here to view the entire monthly report.

The Mobile Residential Monthly Report is developed in connection with the Mobile Area Association of Realtors to better serve area consumers.

Editor’s note: All information in this article reflects data provided to the Alabama Center for Real Estate for Oct. 1-31. Thus, the performance represented is historical and should not be used as an indicator of future results.

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